Consolidated Water Reports First Post-COVID Cruise Passenger Ships to Arrive at Cayman Islands March 21, Further Bolstering Resurgence of Tourism for the Islands
March 09 2022 - 1:00PM
Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a
leading developer and operator of advanced water supply and
treatment plants, anticipates the return of tourism to the Cayman
Islands with the first cruise ships in two years scheduled to
arrive this month.
The Cayman Islands tourism ministry has officially
announced the approval of an initial 21 cruise ships to arrive at
the Islands between March 21 to April 17.
The initial number of cruise passengers is limited to 75,000, or
about half the volume in the comparable pre-COVID monthly period of
April 2019 as reported by the Cayman Islands Department of Tourism.
The limitation is expected to be lifted in late April.
The Minister for Tourism and Transport, Hon. Kenneth Bryan,
stated: “Cruise tourism makes up a significant portion of our
tourism industry, and the return of cruise passengers will bring
welcomed relief to many Caymanians who depend on this industry for
their livelihoods. Every cruise call that brings passengers to our
shores is helping to support Caymanian employees and business
owners that have been hard hit by the COVID-19 pandemic.”
Consolidated Water recently reported an increase in water demand
in the Cayman Islands as the country’s Phase 5 reopening plan
continues. The company operates seven seawater desalination plants
that produce all of the piped drinking water on Grand Cayman, home
to about 95% of the nation’s population.
“The resumption of cruise ships to the Islands for the first
time in two years is a major milestone for Consolidated Water,”
stated company CEO, Rick McTaggart. “We expect the resurgence of
tourism to help our retail water sales return to normal levels over
the coming months, as hotels and businesses begin to serve the
thousands of tourists and vacationers coming back to the
Islands.”
In February, the Cayman Islands government dropped all on-island
COVID testing for vaccinated travelers, citing a decline in local
infection cases. The Islands also no longer require post-arrival
COVID-19 tests for fully vaccinated travelers, and the quarantine
period for partially vaccinated and unvaccinated individuals was
reduced from 10 to seven days.
The complete schedule of cruise arrivals is available on the
Cayman Islands website here.
About Grand CaymanLocated 480 miles south of
Miami, Florida, Grand Cayman is one of the largest financial
centers in the world with over $1.8 trillion on deposit in more
than 250 banks. A British Overseas Territory, the Cayman Islands
are comprised of three islands: Grand Cayman, the country’s capital
and commercial center, and the less populated sister islands of
Cayman Brac and Little Cayman, located 80 miles to the northeast.
The other major economic engine of the islands is tourism, which
attracted more than 2.3 million visitors in 2019 to Cayman’s
beautiful beaches, botanical gardens and wildlife.About
Consolidated Water Co. Ltd.Consolidated Water Co. Ltd.
develops and operates advanced water supply and treatment plants
and water distribution systems. The company operates water
production facilities in the Cayman Islands, The Bahamas and the
British Virgin Islands and operates water treatment facilities in
the United States. The company also manufactures and services a
wide range of products and provides design, engineering,
management, operating and other services applicable to commercial
and municipal water production, supply and treatment, and
industrial water and wastewater treatment. For more information,
visit www.cwco.com.
Cautionary Note Regarding Forward-Looking
StatementsThis press release includes statements that may
constitute "forward-looking" statements, usually containing the
words "believe", "estimate", "project", "intend", "expect",
"should", "will" or similar expressions. These statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements
inherently involve risks and uncertainties that could cause actual
results to differ materially from the forward-looking statements.
Factors that would cause or contribute to such differences include,
but are not limited to (i) continued acceptance of the company's
products and services in the marketplace; (ii) changes in its
relationships with the governments of the jurisdictions in which it
operates; (iii) the outcome of its negotiations with the Cayman
government regarding a new retail license agreement; (iv) the
collection of its delinquent accounts receivable in the Bahamas;
(v) the possible adverse impact of the COVID-19 virus on the
company’s business; and (vi) various other risks, as detailed in
the company's periodic report filings with the Securities and
Exchange Commission (“SEC”). For more information about risks and
uncertainties associated with the company’s business, please refer
to the “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and “Risk Factors” sections of the
company’s SEC filings, including, but not limited to, its annual
report on Form 10-K and quarterly reports on Form 10-Q, copies of
which may be obtained by contacting the company’s Secretary at the
company’s executive offices or at the “Investors – SEC Filings”
page of the company’s website at http://ir.cwco.com/docs. Except as
otherwise required by law, the company undertakes no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or
otherwise.Company Contact:David W.
SasnettExecutive Vice President and CFOTel (954)
509-8200dsasnett@cwco.com
Investor Relations ContactRon Both or Justin
LumleyCMATel (949) 432-7566Email Contact
Media Contact:Tim RandallCMATel (949)
432-7572Email Contact
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